Nick had to adjust his position today as May options went off the board
He did book some gains and losses off of these. He exited via MOC closes needed to offset any positions that where to come into his account; later in the weekend we should get those results up. Will need to add those to the present projections to get the total picture; but most of the closed positions have been small in comparison to what he has on the books. (Roughly 15k loss in wheat, 600k in corn, and 172k in beans- the corn number seems big but it was offset as the below shows via gains on other trades in the July.)
These are the trades he added today to get his back towards goal of short 100,000 DELTA bushels of each of the big three – Corn, Beans, Wheat
- All of today’s trades are off of the July contract
Wheat – Sold 100
750 puts
Sold 45 of the 900 Puts
Sold 200 of the 800 puts
Purchased 50 of the 850 calls and sold 100 of the 900 calls
- All of today’s trades are off of the July contract
Wheat – Sold 100
750 puts
Sold 45 of the 900 Puts
Sold 200 of the 800 puts
Purchased 50 of the 850 calls and sold 100 of the 900 calls
Corn trades sold all of the following July options
Beans – Sold the following July Puts
200 of the 1300 Puts
220 of the 1260 Puts
300 of the 1200 Puts
300 of the 1160 Puts
Bottom line Nick looks to be sitting great if he can adjust fast enought, not run out of margin money, and try and focus on keeping the green line or profits/losses at the time when options expire in the middle of a rather big hump. As you can see some of the edges look like cliff's so he has plenty of risk out there and one wrong move might cost him, his father, and his brother thier farms.
Time will tell how lucky our Neutral Nick is.
As always make sure that you realize futures and options are not for everyone.
200 of the 8.00 Calls
200 of the 7.50 Calls
200 of the 8.50 Calls
100 of the 9.00 Calls
75 of the 7.00 Calls
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